Jio's listing ignites India's IPO market: October fundraising hits a record US$4.8 billion, topping the globe.

Driven by the massive listing of Jio Platforms Ltd., India's initial public offering (IPO) fundraising in October hit an all-time record and vaulted the country to the top of the global IPO market. Data show that Indian companies raised a total of about INR455 billion (approximately US$4.8 billion) through IPOs in October, the highest monthly level in the country's history. This scale put India ahead of the United States and Hong Kong in Octoberas of Thursday, US IPO fundraising in October stood at US$2.1 billion, while Hong Kong's was US$1.5 billion. From laggard to leader: India's IPO market rebounded markedly in the second half This explosive growth marks a sharp reversal for India's fundraising market. Previously, India had lagged behind as IPO activity boomed in other markets, driven by listings of companies tied to the global artificial intelligence supply chain. But deal activity accelerated markedly in the second half, with landmark offerings from Jio and the National Stock Exchange of India landing in succession. About 40 companies listed in India in October, also the highest number globally, showing that the issuance market has broad depth beyond large deals. Jio, the telecom and digital services company owned by billionaire Mukesh Ambani, was the main contributor to the fundraising scale, raising INR302 billion in India's largest-ever IPO. Despite weakness in the broader stock market, the IPO still attracted strong demand from institutional and individual investors. So far this year, Indian companies have raised a cumulative US$18.26 billion through IPOs, not far from the all-time record of US$22.36 billion set in 2025. Ample issuance pipeline, India's IPO market expected to stay active in 2027 October's issuance boom further consolidated India's leading position in the global IPO market. Investors' ability to absorb large offerings such as Jio may encourage more companies that have been waiting on the sidelines to accelerate their listing plans, potentially keeping India among the world's most active markets for new share issuance in 2027. Currently, about 113 companies have received regulatory approval to list, and another 115 companies have submitted draft prospectuses, laying the foundation for the next round of intensive fundraising.